Network Exploration Ltd. - Community Agreement Signed for Picha Project
17 Juli 2012 - 3:00PM
PR Newswire (Canada)
VANCOUVER, July 17, 2012 /CNW/ - Network Exploration Ltd. (the
"Company") is pleased to announce that a Community Agreement
(the "Agreement") has been signed with the authorities from the
Fundición and Jesus Maria communities in Peru's Moquegua District
for further exploration at its flagship Picha project. The
agreement, which is a critical part of the permitting process and
required by Peru's Ministry of Energy and Mines, allows for
commencement of the Company's planned diamond drilling. Alexander
Helmel, CEO of Network Exploration Ltd. states, "Through the
combined efforts of our project partner Lara Exploration Ltd.
("Lara") and our local geological team we have been able to form a
solid relationship with the local communities. We are
committed to developing our projects in a sustainable and
responsible way while working closely with the people in the nearby
areas. We extend our thanks to the efforts of Lara, the
people of Fundición and Jesus Maria communities, and Network's crew
on the ground in Peru." The Picha Project The 6,000 hectare Picha
copper-silver property is located within the Tertiary volcanic arc
of southern Peru, host to a wide variety of epithermal gold, silver
and copper porphyry-skarn deposits that are the targets of many
major and junior exploration companies. Picha is situated
approximately 122km east of the city of Arequipa and approximately
12km NE of Goldfield's 7.6M oz Au/Ag Chucapaca deposit. Due to its
favorable location, geology and existing mineralized showings, the
Company believes that this property has the potential to yield
significant mineralization. Preliminary exploration work at the
Picha project found widespread alteration, brecciation and vein
stockworking indicative of the presence of a nearby porphyry
system. Recent geochemical programs covering over 50 square km of
the property have outlined seven zones with anomalous copper and
silver values, several of which are associated with known
mineralized showings that have been mined on a small scale in the
past. Also, recent induced polarization and magnetic surveys have
outlined six separate chargeability anomalies, interpreted to be
indicative of sulphide mineralization that are contained within a
broader area of moderate chargeability and higher magnetic response
thought to be hosted in volcanic or intrusive rocks. Thirteen
priority drill targets have thus been outlined from the combined
geochemical and geophysical programs mentioned above, and the
Company intends to commence drilling select targets within the
Moquegua District as soon as possible. Cautionary Statement and
Qualified Person This press release has been read and approved by
Bob Friesen, P. Geo, a director of the Company and the Company's
Qualified Person. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. ON BEHALF OF THE COMPANY
"Alexander
Helmel" Chief Executive Officer Forward-Looking Statements: This
news release contains forward-looking statements regarding the
future success of the business of the Company that is subject to
risk and uncertainties. Examples of such forward-looking statements
include, but are not limited to, statements concerning the
Company's option of the Picha Project and exploration activities at
the Picha project and generally, government regulation of
exploration and mining operations, indications and benefits of
exploration, drilling test work and engineering assessments,
environmental risks, title disputes or claims, and the Company's
intention to raise additional capital and financing. These
forward-looking statements involve known and unknown risk and
uncertainties that may cause the Company's actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied in
these forward-looking statements. These risks include risks related
to the option agreement, key personnel, competition, risks related
to newly acquired businesses, the uncertainty of timing or approval
of permitting and licensing requirements, uncertainty of social and
community requirements, uncertainty and dilution as a result of
additional financing and the ability of the Company to service its
current and future debt obligations, as well as the risk factors
described in the Company's Management Discussion and Analysis filed
on SEDAR at www.sedar.com and the risks described in any Management
Information Circular of the Company. The forward-looking statements
contained herein are made as of the date of this news release and
are expressly qualified in their entirety by this cautionary
statement. Except as required by law, the Company undertakes no
obligation to publicly update or revise any such forward-looking
statements to reflect any change in its expectations or in events,
conditions or circumstances on which any such forward-looking
statements may be based, or that may affect the likelihood that
actual results will differ from those set forth in the
forward-looking statements. Network Exploration Ltd. CONTACT:
Please contact Moises Uribe, CFO at 604-638-7363, or visit
theCompany's website at www.networkexploration.com
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